1. Issued 30,000 shares of common stock in exchange for $300,000 in cash.
2. Purchased equipment at a cost of $40,000. $10,000 cash was paid and a note payable to the seller was signed for the balance owed.
3. Purchased inventory on account at a cost of $90,000.
4. Credit sales for the month totaled $120,000. The cost of the goods sold was $70,000.
5. Paid $5,000 in rent on the warehouse building for the month of March.
6. Paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning in April.
7. Paid $70,000 on account for the merchandise purchased in transaction 3.
8. Collected $55,000 from customers on account.
9. Paid utilities expense of $1,000 for the month.

Prepare a preliminary income statement for Wayne Corporation.

Prepare a preliminary balance sheet forWayne Corporation.